Bank of Lithuania

The Board of the Bank of Lithuania was presented the information of the Credit Institutions Supervision Department on the results of credit union inspections in the third quarter of 2010. During this period full-scope inspections were conducted in six credit unions.

The inspections checked compliance of credit unions with the Republic of Lithuania Law on Credit Unions and other legal acts regulating their operation as well as credit union statutes. Compliance with prudential requirements and removal of deficiencies indicated in earlier inspection reports was checked. The analysis of the operation of credit union bodies and the financial situation of credit unions was performed and the management of credit and liquidity risks was checked.

The inspected credit unions were obligated to remove the deficiencies ascertained according to established terms.